Dangote Refinery reduces Petrol Price; others to follow

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Dangote Petroleum Refinery and Ranoil Lagos have made adjustments to their petrol prices at their depots as Nigerians celebrated the democracy day public holiday. According to new market data from (link unavailable) reviewed on Thursday, June 12, the Dangote refinery reduced its price to N827 per litre, a 0.06% change from the previous price of N828 per litre.

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The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, predicted that filling stations in Nigeria are expected to lower their petrol prices in June and July in response to shifting market dynamics and a stronger naira. “Petrol could drop to N845 per litre, while diesel may trade at around N950 per litre,” Rewane said in his outlook for June and July.

Ranoil in Lagos also made a price adjustment, increasing its petrol price by N20 from the previous rate of N830 to N850 per litre. Meanwhile, new data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that the average petrol landing cost has declined in 30 days to N894 per litre.

While the price changes are not expected to have an immediate impact on petrol prices at filling stations, the development could pave the way for further relief at the pump if the trend continues. The forecast follows a modest but steady appreciation of the naira and growing competition in the downstream oil sector.

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